- Email: [email protected]
Koch Membrane wins control of Abcor Japan
Filtration Industry Analyst
KOCH M E M B R A N E WINS CONTROL OF A B C O R JAPAN
Z < Z O
Koch Membrane Systems Inc has acquired a majority interest in Abcor Japan Company Ltd, the membrane systems engineering company. Abcor Japan supplies complete membrane systems as well as replacement membranes and has been associated with Koch Membrane Systems as a distribution partner lor many years. "This investment is key to the company's mission to meet the needs of our global customers through local distribution channels," said David Perry, president of Koch Membrane Systems Inc.
SEMICONDUCTOR EXPOSURE DRAGS FAIREY DOWN Reduced semiconductor demand, the dramatic price falls in semiconductor devices and a number of high profile plant closures combined to hit both sales and profits at Fairey Group. Sales in 1998 were £263.7 million compared with £32I).7 million for 1997. While headline profit before tax increased from £52.2 million to £67.2 million, the underlying perfor mance was a reduction in PBT from £51.3 million to £30.5 minion. Filtration, adjusted for the expected decline in the nuclear canister business, fell slightly' from the record 1997 perlbrmance. Reduced demand for ceramic cores in civil aero engines and for hydraulic filters were insufficiently offset by improvements at Micrnfiltrex from increased penetration of the US market. There are indications o f more robust end-user markets
16
April 1999
for semiconductors bul it is
likely to be towards the latter part of 1999 belore this works its way throngh to increased demand for products. Short term expectatkms are cautious, but Fairey believes that its companies are well positioned for growth in more favourable circumstances.
TRION PURSUES STRATEGIC ALTERNATIVES Trion Inc's board of directors has unanimously decided to pursue strategic alternatives, including the possible sale of the company. The board says it was encouraged by the company's sales perlbrmance in ttle fourth quarter of 1998 and by the operational improvements made during 1998. These lx~.:o 1actors strongly contributed to the board's optimistic outlook lot 1999. Trion has retained Harris Williams & Co of Richmond, Virginia to advise the company and to coordinate all contact concerning these alternatives. Steven I, Schneider, piesident and chief executive officer, s a i d h e w a s v e r y e u c o u r aged by recent strong sales and by operational improvements. He believes the added emphasis on comlnercial and industrial equipment should help to further strengthen operating results. "Our 1999 outlook is very positive and our financial position continues to be strong. We recognise that our industry has been consolidating and will continue to consolidate, and that there may be value added to Trion through an alliance."
THAMES WATER BUYS MEMTECH Thames Water has acquired the Swansea, UK-based filtration company Memtech (UK) Ltd.
The newly-acquired company will be combined with Thames Water's Hampshirebased PCI Membranes, creating one of Europe's largest membrane systems companies. Memtech (UK) Limited was established in 1982 and specialises in custonl built crossflow membrane systems for a wide range of industries including food, beverage, dairy, biotechnology and pharmaceutical PCI Membranes designs and manufactures membrane systems liar municipal and industrial customers worldwide. It has offices in Scotland, France and the USA, and is a division of Thames Water Products Ltd. Carl Millington. managing director of Whitchurch-based PCI Membranes, said the buy fitted their strategy for growth, adding that it was great news for PCI Membranes, as it has recently celebrated 30 years in business.
CECO SECURES ADDITIONAL ACQUISITION FUNDING Ceco Environmental Corp's new relationship with PNC Bank includes an increase in the company's Line of Credit from US$2 million to US$5 million, a US$625 (100 term loan and a US$787 000 mortgage loan. In addition. PNC Bank will help Ceco to consummate futnre acquisitions through a committed US$2 million Acquisition Line of Credit. PNC Bank also says it is willing to consider providing undisclosed financing for larger acquisitions on terms satisfactory to the bank. Phillip DeZwirek, chief executive officer and president of Ceco Environmental, said Ceco was actively pursuing a major acquisition to fully utilise these new financing arrangements.
02207 Printed b.~ Maylield Press, Oxon. [ k .
KOCH M E M B R A N E WINS CONTROL OF A B C O R JAPAN
Z < Z O
Koch Membrane Systems Inc has acquired a majority interest in Abcor Japan Company Ltd, the membrane systems engineering company. Abcor Japan supplies complete membrane systems as well as replacement membranes and has been associated with Koch Membrane Systems as a distribution partner lor many years. "This investment is key to the company's mission to meet the needs of our global customers through local distribution channels," said David Perry, president of Koch Membrane Systems Inc.
SEMICONDUCTOR EXPOSURE DRAGS FAIREY DOWN Reduced semiconductor demand, the dramatic price falls in semiconductor devices and a number of high profile plant closures combined to hit both sales and profits at Fairey Group. Sales in 1998 were £263.7 million compared with £32I).7 million for 1997. While headline profit before tax increased from £52.2 million to £67.2 million, the underlying perfor mance was a reduction in PBT from £51.3 million to £30.5 minion. Filtration, adjusted for the expected decline in the nuclear canister business, fell slightly' from the record 1997 perlbrmance. Reduced demand for ceramic cores in civil aero engines and for hydraulic filters were insufficiently offset by improvements at Micrnfiltrex from increased penetration of the US market. There are indications o f more robust end-user markets
16
April 1999
for semiconductors bul it is
likely to be towards the latter part of 1999 belore this works its way throngh to increased demand for products. Short term expectatkms are cautious, but Fairey believes that its companies are well positioned for growth in more favourable circumstances.
TRION PURSUES STRATEGIC ALTERNATIVES Trion Inc's board of directors has unanimously decided to pursue strategic alternatives, including the possible sale of the company. The board says it was encouraged by the company's sales perlbrmance in ttle fourth quarter of 1998 and by the operational improvements made during 1998. These lx~.:o 1actors strongly contributed to the board's optimistic outlook lot 1999. Trion has retained Harris Williams & Co of Richmond, Virginia to advise the company and to coordinate all contact concerning these alternatives. Steven I, Schneider, piesident and chief executive officer, s a i d h e w a s v e r y e u c o u r aged by recent strong sales and by operational improvements. He believes the added emphasis on comlnercial and industrial equipment should help to further strengthen operating results. "Our 1999 outlook is very positive and our financial position continues to be strong. We recognise that our industry has been consolidating and will continue to consolidate, and that there may be value added to Trion through an alliance."
THAMES WATER BUYS MEMTECH Thames Water has acquired the Swansea, UK-based filtration company Memtech (UK) Ltd.
The newly-acquired company will be combined with Thames Water's Hampshirebased PCI Membranes, creating one of Europe's largest membrane systems companies. Memtech (UK) Limited was established in 1982 and specialises in custonl built crossflow membrane systems for a wide range of industries including food, beverage, dairy, biotechnology and pharmaceutical PCI Membranes designs and manufactures membrane systems liar municipal and industrial customers worldwide. It has offices in Scotland, France and the USA, and is a division of Thames Water Products Ltd. Carl Millington. managing director of Whitchurch-based PCI Membranes, said the buy fitted their strategy for growth, adding that it was great news for PCI Membranes, as it has recently celebrated 30 years in business.
CECO SECURES ADDITIONAL ACQUISITION FUNDING Ceco Environmental Corp's new relationship with PNC Bank includes an increase in the company's Line of Credit from US$2 million to US$5 million, a US$625 (100 term loan and a US$787 000 mortgage loan. In addition. PNC Bank will help Ceco to consummate futnre acquisitions through a committed US$2 million Acquisition Line of Credit. PNC Bank also says it is willing to consider providing undisclosed financing for larger acquisitions on terms satisfactory to the bank. Phillip DeZwirek, chief executive officer and president of Ceco Environmental, said Ceco was actively pursuing a major acquisition to fully utilise these new financing arrangements.
02207 Printed b.~ Maylield Press, Oxon. [ k .